Question: Answer the question: True or False PLEASE HELP ASAP!! 1. Net income and owners equity are both increased by gains and revenues. True or False

Answer the question: True or False

PLEASE HELP ASAP!!

1. Net income and owners equity are both increased by gains and revenues.

True or False

2. Single-step income statements do not portray either gross profit or income from operations as distinct lines within the statements.

True or False

3. Discontinued operations and the associated gains and losses must be reported net of income taxes in the income statement.

True or False

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